How much should Yellow record in the Land

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Question - Yellow Corp. purchased a piece of land in 2019 for $750,000 and incurred the following costs: cost of clearing the Land $20,000; cost of new parking lots and sidewalks $45,000; cost of lighting for new parking lot and sidewalks $10,000; realtor costs of purchasing the land $18,000. In addition, Yellow was able to sell wood from clearing the land for $7,000. How much should Yellow record in the Land and Land Improvement accounts, respectively, for this purchase?

Reference no: EM132598587

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